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FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2018
Fair Value Disclosures [Abstract] |
Schedule of carrying amount and fair value of the long-term debt | The carrying amount and fair value of the Company’s convertible senior notes are as follows (in thousands):
Financial Liabilities Carried at Historical Cost |  | Carrying Value |  | Fair Value Measurements Using
December 31, 2018 |  |  | Level 1 |  | Level 2 |  | Level 3
2.375% convertible senior notes due 2022 (1) |  | $ | 290,592 |  |  | $ | — |  |  | $ | 344,353 |  |  | $ | — |
3.25% convertible senior notes due 2019 (2) |  | $ | 338 |  |  | $ | — |  |  | $ | 586 |  |  | $ | — |
(1) The closing price of the Company’s common stock was $43.02 per share at December 31, 2018 compared to a conversion price of $66.89 per share. Currently, the conversion price is above the stock price. The maximum conversion premium that can be due on the 2022 Notes is approximately 5.2 million shares of the Company’s common stock, which assumes no increases in the conversion rate for certain corporate events. (2) The closing price of the Company’s common stock was $43.02 per share at December 31, 2018 compared to a conversion price of $24.82 per share which, if converted, would have resulted in an approximate conversion premium of fewer than 10,000 shares of the Company’s common stock or $0.2 million of cash. The maximum conversion premium that can be due on the 2019 Notes is approximately 10,000 shares of the Company’s common stock, which assumes no increases in the conversion rate for certain corporate events.
Schedule of short-term investments | The following summarizes the Company’s investments at December 31, 2018 and 2017 (in thousands):
December 31, 2018 Investments: |  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value (Level 2)
Short-term: |  |  |  |  |  |  |  |
Asset-backed securities |  | $ | 34,873 |  |  | $ | — |  |  | $ | (33 | ) |  | $ | 34,840 |
Commercial paper |  | 45,035 |  |  | — |  |  | (30 | ) |  | 45,005 |
Corporate bonds |  | 171,289 |  |  | — |  |  | (206 | ) |  | 171,083 |
Subtotal |  | 251,197 |  |  | — |  |  | (269 | ) |  | 250,928 |
Long-term: |  |  |  |  |  |  |  |
Asset-backed securities |  | 9,383 |  |  | 5 |  |  | — |  |  | 9,388 |
Corporate bonds |  | 16,499 |  |  | — |  |  | (16 | ) |  | 16,483 |
Subtotal |  | 25,882 |  |  | 5 |  |  | (16 | ) |  | 25,871 |
Total |  | $ | 277,079 |  |  | $ | 5 |  |  | $ | (285 | ) |  | $ | 276,799 |
December 31, 2017 Investments: |  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value (Level 2)
Short-term: |  |  |  |  |  |  |  |
Asset-backed securities |  | $ | 28,338 |  |  | $ | — |  |  | $ | (37 | ) |  | $ | 28,301 |
Commercial paper |  | 48,999 |  |  | — |  |  | (23 | ) |  | 48,976 |
Corporate bonds |  | 180,119 |  |  | — |  |  | (175 | ) |  | 179,944 |
Subtotal |  | 257,456 |  |  | — |  |  | (235 | ) |  | 257,221 |
Long-term: |  |  |  |  |  |  |  |
Asset-backed securities |  | 23,836 |  |  | — |  |  | (79 | ) |  | 23,757 |
Corporate bonds |  | 36,430 |  |  | — |  |  | (140 | ) |  | 36,290 |
Subtotal |  | 60,266 |  |  | — |  |  | (219 | ) |  | 60,047 |
Total |  | $ | 317,722 |  |  | $ | — |  |  | $ | (454 | ) |  | $ | 317,268 |

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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
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